By Haripriya Suresh<\/p>\n
BENGALURU, Jan 20 (Reuters) – Indian software application creator startup Emergent has raised $70 million in funding as part of a \u200bround led by SoftBank Vision Fund and Khosla Ventures, the \u200ccompany said on Tuesday.<\/p>\n
The Series B round came four months after the startup raised its $23 \u200cmillion Series A round from Lightspeed Venture Partners, Prosus and others, and additional funding from the Google AI Futures Fund in December. The current round also saw the participation of Prosus, Lightspeed, Together Fund and Y Combinator.<\/p>\n
The company \u2060did not disclose the \u200cvaluation at which the Series B round was raised.<\/p>\n
SoftBank last invested in an Indian startup over three years ago, \u200dand has largely only done follow-on rounds to retain its stake in companies.<\/p>\n
As per the company, it has over 5 million users and $50 million in annual recurring \u200brevenue within seven months of its launch.<\/p>\n
“Emergent is early in shaping \u200chow software gets created and monetized over the next decade, not just the next product cycle, and its users are quick to share their success,” said Vinod Khosla, founder of Khosla Ventures.<\/p>\n
Emergent co-founder and CEO Mukund Jha, who founded the now-defunct hyperlocal delivery and quick commerce firm Dunzo, \u2060told Reuters that the startup wants to \u200buse the proceeds to expand its research \u200band engineering teams in San Francisco and Bengaluru, and to build more products.<\/p>\n
“A lot of the investment will go \u200dinto building and further \u2060advancing our products and also advancing our research into coding agents,” Jha said.<\/p>\n
The startup is seeing interest from people who want to \u2060build a business on top of apps, he said, adding that the “democratization of software \u200cbuilding” is going to be “a massive trend”.<\/p>\n
(Reporting by Haripriya Suresh \u200cin Bengaluru; Editing by Maju Samuel)<\/p>\n","protected":false},"excerpt":{"rendered":"By Haripriya Suresh BENGALURU, Jan 20 (Reuters) – Indian software application creator startup Emergent has raised $70 million…\n","protected":false},"author":2,"featured_media":242608,"comment_status":"","ping_status":"","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[20],"tags":[365,363,364,60656,138736,111,139,69,106168,142430,1037,145,62079],"class_list":{"0":"post-242607","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-artificial-intelligence","8":"tag-ai","9":"tag-artificial-intelligence","10":"tag-artificialintelligence","11":"tag-khosla-ventures","12":"tag-lightspeed-venture-partners","13":"tag-new-zealand","14":"tag-newzealand","15":"tag-nz","16":"tag-series-b-round","17":"tag-softbank-vision-fund","18":"tag-startup","19":"tag-technology","20":"tag-vinod-khosla"},"_links":{"self":[{"href":"https:\/\/www.newsbeep.com\/nz\/wp-json\/wp\/v2\/posts\/242607","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.newsbeep.com\/nz\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.newsbeep.com\/nz\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/nz\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/nz\/wp-json\/wp\/v2\/comments?post=242607"}],"version-history":[{"count":0,"href":"https:\/\/www.newsbeep.com\/nz\/wp-json\/wp\/v2\/posts\/242607\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/nz\/wp-json\/wp\/v2\/media\/242608"}],"wp:attachment":[{"href":"https:\/\/www.newsbeep.com\/nz\/wp-json\/wp\/v2\/media?parent=242607"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.newsbeep.com\/nz\/wp-json\/wp\/v2\/categories?post=242607"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.newsbeep.com\/nz\/wp-json\/wp\/v2\/tags?post=242607"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}